I was a member of a Fraternity as an undergrad and my particular house earned the Dean’s Trophy 3 of the 4 years I was on campus. The largest component was academic performance. It also included leadership (we had many members in the student government, including the president), philanthropy and sports.
Staying an “active member” of my fraternity required me to stay on top of my studies. Failure to do so would mean being de-activated (still a member but not allowed to participate).
Academics are very important to the Fraternities and Sororities as they want to attracted the most talented people at the university!